Locale for iPhone

So i have a few buddies that own Android phones and they use an app called Locale. its an app that allows you to change settings (ie ring tones, text tones, wallpaper, etc...) based on location. So if you are at work, settings change automatically. Or if you are away from work or home you have default settings that take place automatically. Anyword on if this app or something like it is in the works or already out there?